New Delhi, Dec. 26 -- The gross asset value (GAV) of India's listed real estate investment trusts (REITs) is expected to increase by 35-40 per cent by the end of fiscal 2027 compared with September 2025, driven by asset additions and the listing of a new REIT, according to an analysis by Crisil Ratings.

Growth will also be supported by standard annual rental escalations and improving occupancy levels. Crisil said sustained growth in rental income, diversification of asset portfolios and controlled leverage are likely to keep REIT credit profiles stable over the medium term.

Portfolio Expansion Largely Inorganic

The analysis covered five listed REITs with a combined leasable area of 152 million square feet (msf) of commercial and retail...